Announcements

Cheque Clearing to become faster

So what’s changing?

Banks and building societies in the UK are changing how sterling cheques drawn on a UK bank are processed. The new process will be known as the Image Clearing System (ICS) – because cheques will be cleared using a digital image rather than through the current paper-based clearing system.

When will the changes be introduced?

The new cheque clearing process will be introduced at the end of October 2017 on a phased basis. It is intended that all sterling cheques drawn on a UK bank will be cleared using the new process by the end of 2018.

How will the changes impact you?

Under the new process, if you pay in a cheque on a week day you will be able to withdraw the funds by 23.59 on the next business day (excluding Bank Holidays) after the cheque is lodged. The introduction of the new process will also mean that, when a cheque is paid in, not only will the recipient receive the money in their account more quickly, but the money will also leave the account of the person or business in the faster timescale too.

Where the new process is not being used cheques will still take up to six business days to clear.

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Danske Bank is a trading name of Northern Bank Limited. Registered in Northern Ireland R568. Registered office: Donegall Square West, Belfast BT1 6JS. Northern Bank Limited is a member of the Danske Bank Group. Northern Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Northern Bank Limited is entered in the Register maintained by the Financial Conduct Authority, Financial Services Register registration number 122261. VAT number GB853 7590 92. Northern Bank Limited adheres to the Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.